MEMPHIS, Tenn. — Fred’s Inc. has adopted a shareholder rights plan, also known as a “poison pill,” after a hedge fund recently became the company’s single largest shareholder. Fred’s said Tuesday its board instituted the shareholder rights plan after observing “unusual and substantial activity in the company’s shares.” The discount and pharmacy retailer noted that
Though Fred’s name came up in the buzz surrounding the Walgreens-Rite Aid merger talks with the FTC, the Southeastern retailer’s move to buy 865 Rite Aid stores for $950 million in cash from Walgreens Boots Alliance (WBA) still was surprising. After all, not even two weeks ago, Fred’s reported poor third-quarter results (including a net
The “pending transaction” that Fred’s Inc. mentioned in its third-quarter conference call has stirred up some speculation that the Southeastern discount and pharmacy retailer could be sold. Investor website TheStreet.com reported on Monday that Fred’s “may finally be a willing seller.” Industry observers’ first impression after Fred’s Q3 call — in which the company took
Chain drug industry watchers have kept hearing and reading the scuttlebutt about the closing of the Walgreens-Rite Aid merger deal. But a report late Friday afternoon suggested that approval of the $17.2 billion transaction may be imminent. Investor website Seeking Alpha reported that Walgreens Boots Alliance (WBA) is slated to have a package of store
MEMPHIS, Tenn. — In reporting a net loss for its fiscal 2016 third quarter, Fred’s Inc. said it plans to shut 40 underperforming stores in the first half of next year. Fred’s also announced at the start of its earnings call Thursday that it wouldn’t take any questions from analysts following its quarterly report —
MEMPHIS, Tenn. — Sales continued to slump at Fred’s Inc. as the company posted declines for October. Fred’s said Thursday that revenue for the four weeks ended Oct. 29 totaled $157.3 million, down 4.2% from $164.2 million a year earlier. Same-store sales decreased 3.4%, compared with a 2.3% uptick a year ago. “While we continue
MEMPHIS, Tenn. — Fred’s Inc.’s specialty pharmacy unit Eiris Health Services has adopted the name EntrustRx, the specialty pharmacy business that the retailer acquired last year. Licensed in all 50 states, EntrustRx dispenses specialty drugs to treat complex conditions and diseases that typically require ongoing or long-term support. Its main therapy lines include hepatitis C,
RALEIGH, N.C. — Shannon Strickland, a senior vice president for Fred’s Pharmacy, has been hired by Ateb Inc. as vice president of pharmacy execution. Ateb said Thursday that Strickland will lead its independent sales team and select pharmacy chains. He reports directly to Debbie Sheppard, vice president of sales and marketing at the company, whose
Food and drug retail veteran Bryan Pugh — most recently of Fred’s and, before that, Walgreens — has shifted to a new retailing segment with his move to Jo-Ann Fabric and Craft Stores. The fabric and craft specialty retailer announced that Pugh has joined the company as executive vice president of stores and store operations,
MEMPHIS — Mike Bloom has been named chief executive officer of 651-store Fred’s Inc. He succeeds Jerry Shore, who is retiring. Bloom, who joined Fred’s as president and chief operating officer in January 2015, has worked closely with Shore on building a strong management team to ensure a smooth and effective transition. Bloom will lead
TEMPLE, Texas — Fred’s Inc. has entered a multiyear primary distribution contract with McLane Co. McLane said Thursday that the new agreement, which starts in October, will consolidate the efforts of 60-plus distributors serving Fred’s 651 discount and pharmacy stores. The contract, the length of which wasn’t disclosed, includes the distribution of refrigerated and frozen
MEMPHIS, Tenn. — Fred’s Inc. president and chief operating officer Michael Bloom has been named as chief executive officer, succeeding Jerry Shore, who is retiring. Bloom takes the CEO reins effective immediately, and plans call for Shore to retire from the company in February, Fred’s said Tuesday. “I am honored and humbled to be given
MEMPHIS, Tenn. — Timothy Liebmann has been promoted to chief operating officer of pharmacy, a newly created position, at Fred’s Inc. Fred’s said late Thursday that Liebmann succeeds Rick Chambers, executive vice president of pharmacy operations, who is retiring. Liebmann joined Fred’s in June as vice president of pharmacy services. “We are indeed grateful to
MEMPHIS, Tenn. — Bryan Pugh has resigned as chief merchant at Fred’s Inc. and has been replaced by Mary Lou Gardner. Fred’s said late Tuesday that Gardner takes over Pugh’s role as executive vice president and chief merchandising and marketing officer effective immediately. She has served as senior vice president of strategy and project management
